Question
You start working at age 18 and you plan to deposit $5,500 in a savings account every year (end of year) for the next 47
You start working at age 18 and you plan to deposit $5,500 in a savings account every year (end of year) for the next 47 years.
a. At the end of this time, how much money will you have if the interest rate is 7%?
b. You decide that's not enough money. How much will you have to save every year if you wish to have $3,000,000 when you retire?
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Macroeconomics A European Perspective
Authors: Olivier Blanchard, Alessia Amighini, Francesco Giavazzi
4th Edition
1292360895, 9781292360898
